Fourth Quarter & Full Year 2023 Supplemental Information FEBRUARY 6, 2024

2 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF“ or the “Company”). This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to in writing by KREF. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company’s current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic, competitive, and other conditions in the United States and in any foreign jurisdictions in which we invest; global economic trends and conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, fluctuations in interest rates and credit spreads, labor shortages, currency fluctuations and challenges in global supply chains; deterioration in the performance of the properties securing our investments; difficulty accessing financing or raising capital; and the risks, uncertainties and factors set forth under Part I-Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company’s filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward looking statements in this presentation speak only as of February 6, 2024. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All financial information in this presentation is as of December 31, 2023 unless otherwise indicated. This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP.

3 KKR Real Estate Finance Trust Inc. Overview Best In Class Portfolio Conservative Balance Sheet KREF’s Manager Fully Integrated with KKR $7.8 B Investment Portfolio 100% Senior Loans 55% Multifamily & Industrial $122 M Average Loan Size(1) 98% Interest Collected Senior loans secured primarily by transitional, institutional multifamily, office and industrial properties owned by high quality sponsors $8.9 B Financing Capacity 76% Fully Non-Mark-to-Market(2) Conservative liability management focused on diversified non-mark-to-market financing 14% KKR Ownership in KREF $630 M Current Liquidity(3) $553 B Global AUM(4) $28 B Balance Sheet(4) $69 B Real Estate AUM(4)(5) ~150 Real Estate Professionals(4) One firm culture that rewards investment discipline, creativity and determination and emphasizes the sharing of information, resources, expertise and best practices (1) Average loan size is inclusive of the unfunded commitment (2) Based on outstanding principal amount of secured financing, including non-consolidated senior interests (3) Includes $136 million in cash, $450 million undrawn corporate revolver capacity and $44 million of available borrowings based on existing collateral (4) As of December 31, 2023 (5) Figures represent AUM across all KKR real estate transactions

4 • 4Q and full year 2023 Net Income (Loss)(1) of ($0.27) and ($0.78) per diluted share (includes a CECL provision of $50 million and $175 million, or ($0.71) and ($2.53) per diluted share, respectively) • 4Q and full year Distributable Earnings (Loss)(2) of ($0.37) and $0.83 per diluted share (includes write-offs of $59 million and $74 million, or ($0.85) and ($1.07) per diluted share, respectively) • Book Value per Share (“BVPS”) of $15.52 per share, compared to $16.29 per share as of 3Q'23 (includes a CECL allowance of $213 million, or ($3.06) per share as of December 31, 2023, representing 288 basis points of loan principal balance) • The Company’s Board of Directors declared a dividend of $0.25 per share of common stock with respect to the first quarter of 2024. The dividend is payable on April 15, 2024 to KREF’s common stockholders of record as of March 28, 2024 Fourth Quarter and Full Year 2023 Highlights (1) Represents Net Income or loss attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (3) Includes the amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method • $7.8 billion predominantly senior loan portfolio with a weighted average unlevered all-in yield(3) of 9.0% • Multifamily and industrial assets represent 55% of loan portfolio • Weighted average risk rating of 3.2 • Funded $139 million and $684 million for loans closed in previous years in 4Q and during the full year 2023 • Received $188 million and $767 million in loan repayments in 4Q and during the full year 2023 • Collected 98% of interest payments during 2023 • Monitoring seven watch list loans, including three office assets Financials Portfolio Liquidity & Capitalization • $630 million of available liquidity, including $136 million of cash and $450 million undrawn capacity on the corporate revolver • Diversified financing sources totaling $8.9 billion with $2.8 billion of undrawn capacity • 76% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only • Upsized a $240 million term credit facility to $400 million and extended the final maturity date to December 2027 • Repaid $144 million convertible notes in cash • No corporate debt or final facility maturities due until 1Q'26

5 4Q'23 Financial Summary (1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (2) Book value per share includes CECL allowance of $213 million or ($3.06) per share Income Statement ($ in Millions) 4Q'23 Net Interest Income $46.5 Other Income 4.2 Operating Expenses (14.1) Provision for Credit Losses (49.5) Preferred Stock Dividends (5.3) Other (0.5) Net Income (Loss) Attributable to Common Stockholders ($18.7) Net Income (Loss) per Share, Diluted ($0.27) Distributable Earnings (Loss)(1) ($26.0) Distributable Earnings (Loss) per Share, Diluted(1) ($0.37) Dividend per Share $0.43 Diluted Weighted Average Shares Outstanding 69,384,309 Balance Sheet ($ in Millions) 4Q'23 Commercial real estate loans, net $7,133.1 Real estate owned 183.1 Cash 135.9 Other 95.5 Total Assets 7,547.6 Secured financing agreements, net 3,782.4 Collateralized loan obligations, net 1,942.2 Secured term loan, net 335.3 Other 83.5 Total Liabilities 6,143.4 Total Equity 1,404.2 Common Shareholders' Equity 1,077.0 Book Value per Share(2) $15.52 Common Shares Outstanding 69,313,860

6 ($0.45) ($0.37) $0.31 ($0.27) $0.48 $0.48 $0.25 ($0.37) Net Income (Loss) per Diluted Share Distributable Earnings (Loss) per Diluted Share 1Q'23 2Q'23 3Q'23 4Q'23 $0.43 Recent Operating Performance (1) Represents Net income (loss) attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (3) 3Q'23 Distributable earnings before realized losses on loan write-offs is $32 million, or $0.47 per share (4) 4Q'23 Distributable earnings before realized losses on loan write-offs is $33 million, or $0.47 per share Net Income and Distributable Earnings Dividends and Book Value Per Share ($ in Millions) 1Q'23 2Q'23 3Q'23 4Q'23 Net income (loss)(1): ($30.8) ($25.8) $21.4 ($18.7) Distributable earnings (loss)(2): $33.1 $33.1 $17.4 ($26.0) 1Q'23 2Q'23 3Q'23 4Q'23 Dividend per share: $0.43 $0.43 $0.43 $0.43 Dividend yield on book value per share: 10.0% 10.5% 10.6% 11.1% $17.16 $16.38 $16.29 $15.52 Book Value per Share 1Q'23 2Q'23 3Q'23 4Q'23(3) (4)

7 Last Twelve Months Activity (1) Includes real estate owned and CMBS B-Pieces held through an equity method investment (2) Future funding obligations are generally contingent upon certain events and may not result in investment by us (3) Includes a $59 million loan write-off and a transfer of $10 million to REO related other assets, net Portfolio Funding Activity – Outstanding Principal(1) Future Funding Obligations(2) ($ in Millions) $7,916 $7,916 $8,033 $8,034 $8,034 $7,872 $7,872 $7,872 $7,885 $7,885 $7,870 $7,870 $7,821 $7,821 $7,752 $1,544 $204 $87 $1,347 $177 $339 $1,199 $165 $152 $15 $1,012 $139 $188 $69 $821 $9,460 $9,381 $9,071 $8,882 $8,573 4Q'22 Portfolio 1Q'23 Fundings 1Q'23 Repayments 1Q'23 Portfolio 2Q'23 Fundings 2Q'23 Repayments 2Q'23 Portfolio 3Q'23 Fundings 3Q'23 Repayments 3Q'23 Write-off 3Q'23 Portfolio 4Q'23 Fundings 4Q'23 Repayments 4Q'23 REO Impact 4Q'23 Portfolio (3)

8 Class-A 74% Class-B 26% KREF Loan Portfolio by the Numbers (1) Includes real estate owned and CMBS B-Pieces held through an equity method investment (2) Senior loans include senior mortgages and similar credit quality loans, including related contiguous junior participations in senior loans where KREF has financed a loan with structural leverage through the non-recourse sale of a corresponding first mortgage (3) KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space (4) “Other” property types include: 2% Condo (Residential), 2% Self-Storage, 1% Student Housing and 1% Single Family Rental (5) Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix Geography Investment Type(2) Property Type Interest Rate TypeTotal Portfolio(1) 6% 8% 9% 15% 18% 12% Other <5%: 26% ($ in Millions) 92% Office(5)6% Washington, D.C. $5,075 $4,998 $6,792 $7,916 $7,752 4Q'19 4Q'20 4Q'21 4Q'22 4Q'23 Senior Loans 100% Floating 99% Fixed 1% Multifamily Class-A 93% Class-B 7% Multifamily 41% Office 24% Industrial 14% Life Science 10% Hospitality 5% Other 6% (3) (4)

9 0% 1% 84% 8% 7% 1 2 3 4 5 Weighted Average Risk Rating(3): 3.2 Portfolio Credit Quality Overview Note: The charts above are based on percentage of our loan portfolio (1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value, except as noted in the footnotes to the “Portfolio Details” Summary in the Appendix (2) Includes non-consolidated senior interests and excludes risk-rated 5 loans (3) Weighted average is weighted by current principal amount Collected 98% of interest payments due on loan portfolio during 2023 Loan-to-Value(1)(2) Risk Rating Distribution Weighted Average LTV(3): 65% Loan Count 4Q '2 3 Weighted Average LTV(3): 66% Weighted Average Risk Rating(3): 3.2 3Q '2 3 24% 20% 30% 20% 6% 0 - 60% 60 - 65% 65 - 70% 70 - 75% 75 - 80% 21% 25% 27% 21% 6% 0 - 60% 60 - 65% 65 - 70% 70 - 75% 75 - 80% 0 2 4 362 0 2 4 360Loan Count 0% 1% 86% 6% 7% 1 2 3 4 5

10 Watch List Migrations Quarter-over-Quarter In 4Q'23, KREF had one REO transfer, two risk-rating upgrades and three risk-rating downgrades 3Q’23 Watch List Intra-Quarter Activity 4Q’23 Watch List Total Principal: $551 million Risk Rating: 5 Total Principal: $512 million Mountain View Office Mountain View Office Minneapolis Office Minneapolis Office Philadelphia Office Transferred to REO Downgraded from 3 to 5 Seattle Life Science Total Principal: $636 million Risk Rating: 4 Total Principal: $476 million Boston Office Boston Office West Hollywood Multifamily West Hollywood Multifamily Washington, D.C. Office (4Q’23 Principal Amount: $173 million) Upgraded from 4 to 3 (repaid in January 2024) Washington, D.C. Office (4Q’23 Principal Amount: $163 million) Upgraded from 4 to 3 Downgraded from 3 to 4 Raleigh Multifamily Downgraded from 3 to 4 San Diego Multifamily

11 Case Studies: Watch List Loans (Risk Rating 5) Investment Mountain View Office Minneapolis Office Seattle Life Science Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan(2) Floating-Rate Senior Loan Investment Date July 2021 November 2017 October 2021 Collateral Five Class-A Office Buildings totaling 446k SF Two Class-A Office Buildings totaling 1.1mm SF Class-A Office totaling 210k SF Loan Purpose Acquisition Refinance Acquisition Location Mountain View, CA Minneapolis, MN Seattle, WA Committed Amount $250 million(1) $199 million(2) $140 million(3) Current Principal Amount $201 million $194 million(2) $117 million Loan Basis(4) $654 / SF $182 / SF $745 / SF Coupon + 3.4% + 2.3%(2) + 3.2% Max Remaining Term (Yrs.) 2.6 1.5(2) 2.8 Loan Risk Rating 5 5 5 (1) The total whole loan is $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF’s interest was 69% of the loan or $250 million (2) The total whole loan is $199 million, including (i) a fully funded senior mortgage loan of $120 million, at an interest rate of S+2.3% and (ii) a mezzanine note with a commitment of $79 million, of which $74 million was funded as of December 31, 2023, at a fixed PIK interest rate of 4.5% (3) The total whole loan is $188 million, co-originated and co-funded by KREF and a KKR affiliate. KREF’s interest was 75% of the loan or $140 million (4) Loan basis reflects outstanding current principal amount before any CECL adjustments

12 Case Studies: Watch List Loans (Risk Rating 4) Investment Boston Office West Hollywood Multifamily San Diego Multifamily Raleigh Multifamily Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date February 2021 January 2022 October 2021 April 2022 Collateral Class-A Office totaling 741k SF 37-unit Class-A Multifamily 231-unit Class-A Multifamily 320-unit Class-B Multifamily Loan Purpose Refinance Refinance Refinance Acquisition Location Boston, MA West Hollywood, CA San Diego, CA Raleigh, NC Committed Amount $188 million(1) $107 million $104 million $83 million Current Principal Amount $188 million(1) $105 million $104 million $80 million Loan Basis(2) $506 / SF $2,839,392 / unit $448,052 / unit $250,170 / unit Coupon + 3.4% + 3.1% + 2.9% + 3.0% Max Remaining Term (Yrs.) 2.1 3.1 2.9 3.4 Loan Risk Rating 4 4 4 4 (1) Amounts include $150 million of non-consolidated senior interest. KREF's retained mezzanine position is $38 million (2) Loan basis reflects outstanding current principal amount before any CECL adjustments

13 Overview of Real Estate Owned REO: Current and Projected Location Property Type Carrying Value ($ in millions) Carrying Value per Square Foot Portland, OR Retail / Redevelopment $82 n.a. Philadelphia, PA Office / Garage 77 $107 / SF Total Current REO $159 Mountain View, CA Class A Office Campus 122(2)(3) $396 / SF Total Current and Projected REO $280 Property Type Location Note: Figures as of December 31, 2023. Property Type and Location breakouts based on Carrying Value (1) Equity represents Carrying Value less current financing (2) Carrying Value represents amortized cost of the loan less 4Q’23 CECL Allowance (3) Loan was co-funded by KREF and a KKR affiliate. KREF’s interest was 69% of the loan Approximately $150 million of equity(1) is held in our current and projected Real Estate Owned (REO) properties Office 71% Retail / Redevelopment 29% CA 44% OR 29% PA 27%

14 Financing Overview: 76% Non-Mark-To-Market Diversified financing sources totaling $8.9 billion with $2.8 billion of undrawn capacity Summary of Outstanding Financing Leverage Ratios (3) Outstanding Financing(5) ($ in Millions) Maximum Capacity Outstanding Principal Amount Weighted Avg. Coupon(1) Advance Rate Non- MTM Term Credit Facilities $2,000 $1,477 +1.9% 66.2% (2) Term Lending Agreements $1,977 $1,329 +1.8% 76.5% ü Warehouse Facility $500 $0 n/a n/a ü Secured Term Loan $343 $343 +3.6% — ü Corporate Revolving Credit Facility $610 $160 +2.0% — ü Total Debt $5,430 $3,310 Collateralized Loan Obligations $1,943 $1,943 +1.5% 84.5% ü Term Loan Facility $1,000 $561 +1.9% 78.1% ü Asset Specific Financing $491 $266 +2.9% 83.0% ü Total Leverage $8,864 $6,080 2.3 4.2 Debt-To-Equity Ratio Total Leverage Ratio(4) x x (1) Weighted average coupon expressed as spread over Term SOFR (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities), and secured term loan, less cash to (ii) total permanent equity, in each case, at period end (4) Represents (i) total outstanding debt agreements, secured term loan, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end (5) Based on outstanding principal amount of secured financing, including non-consolidated senior interests, that resulted from non-recourse sales of senior loan interest in loans KREF originated Collateralized Loan Obligations 31% Term Lending Agreements 21% Term Loan Facility 9% Secured Term Loan 5% Asset Specific 4% Senior Loan Interests 3% Revolver 3% Term Credit Facilities 24% Non-Mark- to-Market 76%

15 Financing Overview: Term Credit Facilities Counterparty Total or Weighted Average Drawn $647 $483 $347 $1,477 Capacity $1,000 $600 $400 $2,000 Collateral: Loans / Principal Balance 8 Loans / $982 11 Loans / $730 8 Loans / $520 27 Loans / $2,232 Final Stated Maturity(1) September 2026 March 2026 December 2027 - Weighted Average Pricing(2) +1.5% + 2.0% +2.6% +1.9% Weighted Average Advance 65.9% 66.2% 66.8% 66.2% Mark-to-market Credit Only Credit Only Credit Only - ($ in Millions) (1) Based on extended maturity date (2) Weighted average pricing expressed as spread over Term SOFR (3) Based on principal balance of financing Property Type(3): Office 32% Multifamily 31% Life Science 17% Industrial 17% Single Family Rental 3%

16 $136 $586 $136 $450 $44 $630 Cash Undrawn Corporate Revolver Approved and Undrawn Credit Capacity Total Available Liquidity $0 $100 $200 $300 $400 $500 $600 $700 Liquidity Overview (1) Represents under-levered amounts under financing facilities. While these amounts were previously contractually approved and/or drawn, in certain cases, the lender’s consent is required for us to (re)borrow these amounts ($ in Millions) Sources of Available Liquidity In addition to the available liquidity below, KREF had $43 million of unencumbered senior loans that can be pledged to financing facilities subject to lender approval as of December 31, 2023 (4) (1)

17 Earnings Sensitivity to Change in SOFR 99% floating-rate loan portfolio indexed to Term SOFR Quarterly Net Interest Income Per Share Sensitivity to Change in Market Rates(1) Term SOFR = 5.35% As of December 31, 2023 ($ Impact Per Share) Note: Based on portfolio as of December 31, 2023 Change in SOFR ($0.03) ($0.02) $0.00 $0.02 $0.03 -1.00% -0.50% 0.00% +0.50% +1.00% ($0.05) ($0.04) ($0.03) ($0.02) ($0.01) $0.00 $0.01 $0.02 $0.03 $0.04 $0.05 (1) Excludes loans accounted for under the cost recovery method

18 Appendix

19 Portfolio Details ($ in Millions) # Investment(1) Location Property Type Investment Date Total Whole Loan(2) Committed Principal Amount(2) Current Principal Amount Net Equity(3) Coupon(4)(5) Max Remaining Term (Yrs)(4)(6) Loan Per SF / Unit / Key(7) LTV(4)(8) Risk Rating Senior Loans(9) 1 Senior Loan Arlington, VA Multifamily 9/30/2021 $381.0 $381.0 $369.0 $74.1 +3.3% 2.8 $332,439 / unit 69% 3 2 Senior Loan Boston, MA Life Science 8/3/2022 312.5 312.5 195.4 27.3 +4.2% 3.6 $747 / SF 56% 3 3 Senior Loan Bellevue, WA Office 9/13/2021 520.8 260.4 182.5 47.7 +3.7% 3.3 $855 / SF 63% 3 4 Senior Loan Various Industrial 4/28/2022 504.5 252.3 252.3 50.6 +2.7% 3.4 $98 / SF 64% 3 5 Senior Loan Mountain View, CA Office 7/14/2021 362.8 250.0 200.9 118.5 +3.4% 2.6 $654 / SF n.a. 5 6 Senior Loan Bronx, NY Industrial 8/27/2021 381.2 228.7 198.9 43.0 +4.2% 2.7 $277 / SF 52% 3 7 Senior Loan Los Angeles, CA Multifamily 2/19/2021 220.0 220.0 220.0 33.9 +2.9% 2.2 $410,430 / unit 68% 3 8 Senior Loan Various Multifamily 5/31/2019 206.5 206.5 206.5 41.9 +4.0% 1.4 $192,991 / unit 74% 3 9 Senior Loan Minneapolis, MN Office 11/13/2017 199.4 199.4 194.4 89.0 +2.3% 1.5 $182 / SF n.a. 5 10 Senior Loan Various Industrial 6/15/2022 375.5 187.8 173.3 37.7 +2.9% 3.5 $125 / SF 50% 3 11 Senior Loan Boston, MA Office 2/4/2021 375.0 187.5 187.5 37.5 +3.4% 2.1 $506 / SF 71% 4 12 Senior Loan The Woodlands, TX Hospitality 9/15/2021 183.3 183.3 180.9 33.0 +4.3% 2.8 $199,015 / key 64% 3 13 Senior Loan Washington, D.C. Office 11/9/2021 181.0 181.0 163.4 54.8 +2.9% 3.9 $458 / SF 55% 3 14 Senior Loan(10) Washington, D.C. Office 12/20/2019 175.5 175.5 173.4 83.4 +3.5% 1.0 $848 / SF 58% 3 15 Senior Loan West Palm Beach, FL Multifamily 12/29/2021 171.5 171.5 170.9 26.1 +2.8% 3.0 $210,456 / unit 73% 3 16 Senior Loan Various Self-Storage 12/21/2022 336.6 168.3 129.6 26.1 +3.8% 4.0 $19,498 / unit 64% 3 17 Senior Loan Boston, MA Life Science 4/27/2021 332.3 166.2 161.1 31.5 +3.7% 2.4 $669 / SF 66% 3 18 Senior Loan(10) New York, NY Condo (Residential) 12/20/2018 151.3 151.3 149.9 55.6 +3.7% 0.0 $2,498,416 / unit 69% 3 19 Senior Loan Plano, TX Office 2/6/2020 150.7 150.7 150.7 23.3 +2.8% 1.1 $208 / SF 64% 3 20 Senior Loan Redwood City, CA Life Science 9/30/2022 580.7 145.2 0.0 -1.0 +4.5% 3.8 $885 / SF 53% 3 21 Senior Loan Seattle, WA Life Science 10/1/2021 188.0 140.3 116.8 45.6 +3.2% 2.8 $745 / SF n.a. 5 22 Senior Loan Dallas, TX Office 12/10/2021 138.0 138.0 138.0 25.8 +3.7% 2.9 $439 / SF 68% 3 23 Senior Loan Boston, MA Multifamily 3/29/2019 137.0 137.0 137.0 27.8 +3.4% 0.3 $351,282 / unit 64% 3 24 Senior Loan Arlington, VA Multifamily 1/20/2022 135.3 135.3 133.1 30.6 +2.9% 3.1 $443,550 / unit 78% 3 25 Senior Loan Fontana, CA Industrial 5/11/2021 132.0 132.0 109.4 42.9 +4.7% 2.4 $113 / SF 64% 3 26 Senior Loan Fort Lauderdale, FL Hospitality 11/9/2018 127.5 127.5 127.5 65.5 +5.0% 0.2 $368,497 / key 66% 3 26 Senior Loan San Carlos, CA Life Science 2/1/2022 195.9 125.0 102.8 30.5 +3.6% 3.1 $702 / SF 68% 3 27 Senior Loan Cambridge, MA Life Science 12/22/2021 401.3 115.7 87.6 21.3 +4.0% 3.0 $1,072 / SF 51% 3 29 Senior Loan(11) Philadelphia, PA Office 6/19/2018 114.3 114.3 114.3 20.4 +2.8% 3.1 $117 / SF 64% 3 30 Senior Loan Pittsburgh, PA Student Housing 6/8/2021 112.5 112.5 112.5 17.3 +3.0% 2.4 $155,602 / unit 74% 3 31 Senior Loan West Hollywood, CA Multifamily 1/26/2022 107.0 107.0 105.1 18.6 +3.1% 3.1 $2,839,392 / unit 65% 4 32 Senior Loan Las Vegas, NV Multifamily 12/28/2021 106.3 106.3 102.0 17.4 +2.8% 3.0 $193,182 / unit 75% 3 33 Senior Loan(12) Chicago, IL Office 7/15/2019 105.0 105.0 88.4 19.9 +2.3% 4.6 $85 / SF 57% 3 34 Senior Loan San Diego, CA Multifamily 10/20/2021 103.5 103.5 103.5 18.9 +2.9% 2.9 $448,052 / unit 71% 4 35 Senior Loan Boston, MA Industrial 6/28/2022 285.5 100.0 99.3 20.5 +3.0% 3.5 $198 / SF 52% 3 36 Senior Loan Washington, D.C. Office 1/13/2022 228.5 100.0 65.8 13.1 +3.3% 4.1 $241 / SF 55% 3 37 Senior Loan Phoenix, AZ Industrial 1/13/2022 195.3 100.0 58.1 14.1 +4.0% 3.1 $57 / SF 57% 3 38 Senior Loan Cary, NC Multifamily 11/21/2022 100.0 100.0 95.0 18.2 +3.4% 3.9 $243,656 / unit 63% 3 39 Senior Loan Orlando, FL Multifamily 12/14/2021 97.4 97.4 89.3 23.3 +3.1% 3.0 $235,601 / unit 74% 3 40 Senior Loan Brisbane, CA Life Science 7/22/2021 95.0 95.0 90.8 18.0 +3.1% 2.6 $784 / SF 71% 3 41 Senior Loan Brandon, FL Multifamily 1/13/2022 90.3 90.3 67.4 10.1 +3.1% 3.1 $193,586 / unit 75% 3 42 Senior Loan Dallas, TX Multifamily 12/23/2021 90.0 90.0 80.1 17.2 +2.9% 3.0 $246,511 / unit 67% 3 43 Senior Loan Miami, FL Multifamily 10/14/2021 89.5 89.5 89.5 17.4 +2.9% 2.9 $304,422 / unit 76% 3 44 Senior Loan Dallas, TX Office 1/22/2021 87.0 87.0 87.0 14.6 +3.4% 2.1 $294 / SF 63% 3 45 Senior Loan San Antonio, TX Multifamily 6/1/2022 246.5 86.3 80.3 19.8 +2.8% 3.4 $103,007 / unit 68% 3 46 Senior Loan Scottsdale, AZ Multifamily 5/9/2022 169.0 84.5 84.5 13.0 +2.9% 3.4 $457,995 / unit 64% 3 47 Senior Loan Raleigh, NC Multifamily 4/27/2022 82.9 82.9 80.1 16.7 +3.0% 3.4 $250,170 / unit 68% 4 48 Senior Loan Hollywood, FL Multifamily 12/20/2021 81.0 81.0 81.0 15.1 +3.1% 3.0 $327,935 / unit 74% 3 49 Senior Loan Charlotte, NC Multifamily 12/14/2021 79.3 79.3 75.5 12.0 +3.1% 3.0 $205,055 / unit 74% 3 50 Senior Loan(13) Various Industrial 6/30/2021 153.0 76.5 63.7 27.1 +5.5% 2.5 $74 / SF 59% 3 *See footnotes on subsequent page

20 Portfolio Details *See footnotes on subsequent page ($ in Millions) # Investment(1) Location Property Type Investment Date Total Whole Loan(2) Committed Principal Amount(2) Current Principal Amount Net Equity(3) Coupon(4)(5) Max Remaining Term (Yrs)(4)(6) Loan Per SF / Unit / Key(7) LTV(4)(8) Risk Rating Senior Loans(9) 51 Senior Loan Phoenix, AZ Single Family Rental 4/22/2021 $72.1 $72.1 $67.7 $17.7 +4.9% 2.4 $157,092 / unit 50% 3 52 Senior Loan Denver, CO Multifamily 9/14/2021 70.3 70.3 70.3 10.7 +2.8% 2.8 $290,496 / unit 78% 3 53 Senior Loan Washington, D.C. Multifamily 12/4/2020 69.0 69.0 66.8 10.7 +3.6% 1.9 $267,000 / unit 63% 3 54 Senior Loan Dallas, TX Multifamily 8/18/2021 68.2 68.2 68.2 10.2 +3.9% 2.7 $189,444 / unit 70% 3 55 Senior Loan Manassas Park, VA Multifamily 2/25/2022 68.0 68.0 68.0 13.3 +2.7% 3.2 $223,684 / unit 73% 3 56 Senior Loan Plano, TX Multifamily 3/31/2022 67.8 67.8 67.4 19.0 +2.8% 3.3 $253,226 / unit 75% 3 57 Senior Loan Nashville, TN Hospitality 12/9/2021 66.0 66.0 64.7 10.1 +3.7% 3.0 $281,237 / key 68% 3 58 Senior Loan Oakland, CA Office 10/23/2020 205.5 64.4 45.8 7.2 +4.4% 1.9 $141 / SF 55% 2 59 Senior Loan Atlanta, GA Multifamily 12/10/2021 61.5 61.5 59.3 14.8 +3.0% 3.0 $196,421 / unit 67% 3 60 Senior Loan Durham, NC Multifamily 12/15/2021 60.0 60.0 56.5 10.1 +3.0% 3.0 $163,879 / unit 67% 3 61 Senior Loan San Antonio, TX Multifamily 4/20/2022 57.6 57.6 56.4 10.6 +2.7% 3.4 $164,950 / unit 79% 3 62 Senior Loan Queens, NY Industrial 2/22/2022 55.3 55.3 54.7 13.9 +4.0% 0.7 $89 / SF 68% 3 63 Senior Loan Sharon, MA Multifamily 12/1/2021 51.9 51.9 51.9 7.7 +2.9% 2.9 $270,443 / unit 70% 3 64 Senior Loan Reno, NV Industrial 4/28/2022 140.4 50.5 50.5 11.4 +2.7% 3.4 $117 / SF 74% 3 65 Senior Loan Carrollton, TX Multifamily 4/1/2022 48.5 48.5 47.5 13.8 +2.9% 3.3 $148,428 / unit 74% 3 66 Senior Loan Dallas, TX Multifamily 4/1/2022 43.9 43.9 42.6 11.6 +2.9% 3.3 $119,706 / unit 73% 3 67 Senior Loan Georgetown, TX Multifamily 12/16/2021 41.8 41.8 41.8 10.3 +3.4% 3.0 $199,048 / unit 68% 3 68 Senior Loan San Diego, CA Multifamily 4/29/2022 203.0 40.0 39.7 6.2 +2.6% 3.4 $455,485 / unit 63% 3 69 Senior Loan Denver, CO Industrial 12/11/2020 15.4 15.4 12.1 4.4 +3.8% 2.0 $47 / SF 61% 2 Total / Weighted Average $11,842.2 $8,390.1 $7,558.0 $1,821.0 +3.3% 2.7 66% 3.2 CMBS B-Pieces 1 RECOP I(14) Various Various 2/13/2017 n.a. $40.0 $35.7 $35.7 4.7% 5.5 n.a. 58% n.a. Total / Weighted Average $40.0 $35.7 $35.7 4.7% 5.5 58% Real Estate Owned 1 Real Estate Asset Portland, OR Retail 12/16/2021 n.a. n.a. $82.1 $82.1 n.a. n.a. n.a. n.a. n.a. 2 Real Estate Asset Philadelphia, PA Office 12/22/2023 n.a. n.a. 76.5 26.5 n.a. n.a. n.a. n.a. n.a. Total / Weighted Average $158.6 $108.6 Portfolio Total / Weighted Average $8,430.1 $7,752.3 $1,965.2 8.7% 2.7 66% 3.2

21 Portfolio Details (1) Our total portfolio represents the current principal amount on senior and mezzanine loans, net equity in RECOP I, which holds CMBS B-Piece investments, and net carrying value of our REO investments. Excludes one mezzanine loan with an outstanding principal of $5.5 million that was fully written off. For Senior Loan 9, the total whole loan is $199.4 million, including (i) a fully funded senior mortgage loan of $120.0 million, at an interest rate of S+2.25% and (ii) a mezzanine note with a commitment of $79.4 million, of which $74.4 million was funded as of December 31, 2023, at a fixed interest rate of 4.5%. The mezzanine note interest is payment-in-kind (“PIK Interest”), which is capitalized, compounded, and added to the outstanding principal balance of the respective loans. For Senior Loan 11, the total whole loan is $375.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 50% of the loan or $187.5 million, of which $150.0 million in senior notes were syndicated to a third party. Post syndication, we retained a mezzanine loan with a commitment of $37.5 million, fully funded as of December 31, 2023, at an interest rate of S+7.96%. For Senior Loan 31, the total whole loan is $107.0 million, including (i) a fully funded senior mortgage loan of $102.0 million, at an interest rate of S+3.06%, (ii) a senior mezzanine note with $2.3 million funded as of December 31, 2023, at a fixed interest rate of 10.0% and (iii) a fully funded junior mezzanine note of $0.8 million, at a fixed interest rate 10.0% with certain profit share provisions, as defined in the loan agreement. For Senior Loan 58, the total whole loan is $205.5 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 31% of the loan or $64.4 million, of which $54.3 million in senior notes were syndicated to third party lenders. Post syndication, we retained a mezzanine loan with a commitment of $10.1 million, of which $7.2 million was funded as of December 31, 2023, at an interest rate of S+13.02%. (2) Total Whole Loan represents total commitment of the entire whole loan originated. Committed Principal Amount includes participations by KKR affiliated entities and third parties that are syndicated/sold. (3) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) the cost basis of our investments in RECOP I and REO. (4) Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by net equity for our RECOP I CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted average LTV. (5) Coupon expressed as spread over Term SOFR. (6) Max remaining term (years) assumes all extension options are exercised, if applicable. (7) Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 2, 3, 6, 20, 25, 28, 37, 50, 51, and 69, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key. (8) For senior loans, LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value; for mezzanine loans, LTV is based on the current balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for RECOP I CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk-rated 5 loans. For Senior Loan 18, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost. For Senior Loans 2, 3, 6, 20, 25, 28, 37, 50, 51, and 69, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value as of the date the loan was originated. (9) Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan participations.. (10) Senior Loan 14 and Senior Loan 18 were fully repaid in January 2024. (11) For Senior Loan 29, the Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes junior mezzanine notes with a total outstanding principal of $25.0 million that was fully written off. (12) For Senior Loan 33, the Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes a subordinated note with a total outstanding principal of $15.0 million that was fully written off. (13) For Senior Loan 50, the total whole loan facility is $153.0 million co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility, or $76.5 million. The facility is comprised of individual cross-collateralized whole loans. As of December 31, 2023, there were five underlying senior loans in the facility with a commitment of $76.5 million and outstanding principal of $63.7 million. (14) Represents our investment in an aggregator vehicle alongside RECOP I that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount.

22 Fully Extended Loan Maturities (1) Excludes real estate owned and CMBS B-Pieces held through an equity method investment (2) Based on current principal amount Fully Extended Loan Maturities(1)(2) ($ in Millions) $469 $837 $2,700 $3,268 $284 2024 2025 2026 2027 2028 $0 $1,000 $2,000 $3,000 $4,000 Fully extended weighted average loan maturity of 2.7 years

23 KREF Debt Maturities (1) Based on outstanding principal balance of financing (2) Represents the earlier of (i) the maximum maturity of the underlying loans pledged as collateral or (ii) the maximum maturity of the respective financing agreements (3) Does not include KREF’s Secured Term Loan or Collateralized Loan Obligations (CLOs) Upcoming Debt Maturities by Year(1)(2)(3) ($ in Millions) $245 $305 $1,798 $1,345 $100 2024 2025 2026 2027 2028 $0 $500 $1,000 $1,500 $2,000 No corporate debt or final facility maturities due until the first quarter of 2026

24 Consolidated Balance Sheets (1) Includes $5 million and $151 million of cash held in collateralized loan obligation as of December 31, 2023 and 2022, respectively (in thousands - except share and per share data) December 31, 2023 December 31, 2022 Assets Cash and cash equivalents(1) $ 135,898 $ 239,791 Commercial real estate loans, held-for-investment 7,343,548 7,494,138 Less: Allowance for credit losses (210,470) (106,974) Commercial real estate loans, held-for-investment, net 7,133,078 7,387,164 Real estate owned assets, held for sale 101,017 — Real estate owned, held for investment, net 82,091 80,231 Accrued interest receivable 41,003 39,005 Equity method investments 35,076 36,849 Other assets 19,455 19,281 Total Assets $ 7,547,618 $ 7,802,321 Liabilities and Equity Liabilities Secured financing agreements, net $ 3,782,419 $ 3,748,691 Collateralized loan obligations, net 1,942,171 1,935,592 Secured term loan, net 335,331 336,828 Convertible notes, net — 143,237 Dividends payable 29,805 29,711 Accrued interest payable 20,207 17,859 Real estate owned liabilities, held for sale 15,883 — Due to affiliates 8,270 8,722 Other liabilities 9,350 10,245 Total Liabilities 6,143,436 6,230,885 Commitments and Contingencies — — Equity Preferred Stock, $0.01 par value, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of December 31, 2023 and 2022); liquidation preference of $25.00 per share 131 131 Common stock, $0.01 par value, 300,000,000 authorized (75,299,556 and 75,080,707 shares issued; 69,313,860 and 69,095,011 shares outstanding; as of December 31, 2023 and 2022, respectively) 693 691 Additional paid-in capital 1,815,077 1,808,983 Accumulated deficit (314,370) (141,503) Repurchased stock (5,985,696 shares repurchased as of December 31, 2023 and 2022) (96,764) (96,764) Total KKR Real Estate Finance Trust Inc. stockholders' equity 1,404,767 1,571,538 Noncontrolling interests in equity of consolidated joint venture (585) (102) Total Equity 1,404,182 1,571,436 Total Liabilities and Equity $ 7,547,618 $ 7,802,321

25 Consolidated Statements of Income (in thousands - except share and per share data) Three Months Ended Year Ended December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2021 Net Interest Income Interest income $ 165,024 $ 163,229 $ 143,508 $ 640,412 $ 421,968 $ 279,950 Interest expense 118,532 118,617 91,592 458,802 236,095 114,439 Total net ineterest income 46,492 44,612 51,916 181,610 185,873 165,511 Other income Revenue from real estate owned operations 2,520 1,795 2,417 8,545 8,971 — Income from equity method investments 374 839 820 1,417 4,655 6,371 Other income 1,280 2,809 1,576 11,237 5,568 686 Gain on sale of investments — — — — — 5,126 Total other income 4,174 5,443 4,813 21,199 19,194 12,183 Operating Expenses General and administrative 4,600 4,788 4,576 18,788 17,616 14,235 Provision for (reversal of) credit losses, net 49,500 8,814 21,189 175,116 112,373 (4,059) Management fees to affiliate 6,523 6,566 6,578 26,171 25,680 19,378 Incentive compensation to affiliate — 69 634 2,491 634 10,273 Expenses from real estate owned operations 2,957 2,819 3,593 11,190 11,113 — Total operating expenses 63,580 23,056 36,570 233,756 167,416 39,827 Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings (12,914) 26,999 20,159 (30,947) 37,651 137,867 Income tax expense 199 165 58 710 58 684 Net Income (Loss) (13,113) 26,834 20,101 (31,657) 37,593 137,183 Net income (loss) attributable to noncontrolling interests (226) (307) (227) (806) (510) — Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries (12,887) 27,141 20,328 (30,851) 38,103 137,183 Preferred stock dividends and redemption value adjustment 5,326 5,326 5,326 21,304 21,304 11,369 Participating securities' shares in earnings 525 414 400 1,764 1,428 179 Net Income (Loss) Attributable to Common Stockholders $ (18,738) $ 21,401 $ 14,602 $ (53,919) $ 15,371 $ 125,635 Net Income (Loss) Per Share of Common Stock, Basic $ (0.27) $ 0.31 $ 0.21 $ (0.78) $ 0.23 $ 2.22 Net Income (Loss) Per Share of Common Stock, Diluted $ (0.27) $ 0.31 $ 0.21 $ (0.78) $ 0.23 $ 2.21 Weighted Average Number of Shares of Common Stock Outstanding, Basic 69,384,309 69,122,636 69,109,790 69,180,039 67,553,578 56,571,200 Weighted Average Number of Shares of Common Stock Outstanding, Diluted 69,384,309 69,122,636 69,109,790 69,180,039 67,553,578 56,783,388 Dividends Declared per Share of Common Stock $ 0.43 $ 0.43 $ 0.43 $ 1.72 $ 1.72 $ 1.72

26 (1) Numbers presented may not foot due to rounding (2) Includes a $59 million write-off on a defaulted senior loan upon deed-in-lieu of foreclosure during the three months ended December 31, 2023 and a $15 million write-off of a subordinated loan during the three months ended September 30, 2023 (in thousands - except share and per share data) Year Ended Three Months Ended December 31, 2023 Per Diluted Share(1) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Net Income (Loss) Attributable to Common Stockholders $ (53,919) $ (0.78) $ (18,738) $ 21,401 $ (25,772) $ (30,810) Adjustments Non-cash equity compensation expense 8,075 0.12 1,565 2,184 2,174 2,152 Unrealized (gains) or losses, net 1,859 0.03 419 (25) 292 1,173 Provision for (reversal of) credit losses, net 175,116 2.53 49,500 8,814 56,335 60,467 Non-cash convertible notes discount amortization 133 — — — 44 89 Distributable Earnings before realized loss on loan write-offs $ 131,264 $ 1.90 $ 32,746 $ 32,374 $ 33,073 $ 33,071 Realized loss on loan write-offs(2) (73,706) (1.07) (58,706) (15,000) — — Distributable Earnings (Loss) $ 57,558 $ 0.83 $ (25,960) $ 17,374 $ 33,073 $ 33,071 Weighted average number of shares of common stock outstanding, diluted 69,180,039 69,384,309 69,122,636 69,115,654 69,095,011 Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)

27 Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) (1) Numbers presented may not foot due to rounding (2) Includes a $59 million write-off on a defaulted senior loan upon deed-in-lieu of foreclosure and a $15 million write-off of a subordinated loan during the year ended December 31, 2023. Includes a $25 million partial write-off of a defaulted senior loan during the year ended December 31, 2022. Includes a $32 million write-off upon taking title to the underlying collateral of a defaulted senior loan and a $1 million write-off of the remaining balance on an impaired mezzanine loan during the year ended December 31, 2021 (in thousands - except share and per share data) Year Ended December 31, 2023 Per Diluted Share(1) December 31, 2022 Per Diluted Share(1) December 31, 2021 Per Diluted Share(1) Net Income (Loss) Attributable to Common Stockholders $ (53,919) $ (0.78) $ 15,371 $ 0.23 $ 125,635 $ 2.21 Adjustments Non-cash equity compensation expense 8,075 0.12 7,835 0.12 7,428 0.13 Unrealized (gains) or losses, net 1,859 0.03 (1,326) (0.02) 1,059 0.02 Provision for (reversal of) credit losses, net 175,116 2.53 112,373 1.66 (4,059) (0.07) Non-cash convertible notes discount amortization 133 — 361 0.01 361 0.01 Gain on redemption of non-voting manager units — — — — (5,126) — Distributable Earnings before realized loss on loan write-offs $ 131,264 $ 1.90 $ 134,614 $ 1.99 $ 125,298 $ 2.21 Realized loss on loan write-offs(2) (73,706) (1.07) (25,000) (0.37) (32,905) (0.58) Distributable Earnings (Loss) $ 57,558 $ 0.83 $ 109,614 $ 1.62 $ 92,393 $ 1.63 Weighted average number of shares of common stock outstanding, diluted 69,180,039 67,553,578 56,783,388

28 Key Definitions “Distributable Earnings": Commencing for all periods ending on or after December 31, 2020, the Company has elected to present Distributable Earnings, a measure that is not prepared in accordance with GAAP, as a supplemental basis to KREF’s net income as determined in accordance with GAAP as the Company believes it would be useful to investors in evaluating the Company’s operating performance and its ability to pay its dividends. Distributable Earnings replaces the Company’s prior presentation of Core Earnings, and Core Earnings presentations from prior reporting periods have been recast as Distributable Earnings. The Company defines Distributable Earnings as net income (loss) attributable to stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company’s Manager and board of directors and after approval by a majority of the independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments. Distributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company’s reported Distributable Earnings may not be comparable to similar measures presented by other REITs. LEED: LEED is the most widely used green building rating system in the world. LEED certification provides independent verification of a building or neighborhood’s green features, allowing for the design, construction, operations and maintenance of resource-efficient, high-performing, healthy, cost-effective buildings.